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A recent report published by Infinium Global Research on oil and gas analytics market provides an in-depth analysis of segments and sub-segments in global as well as regional oil and gas analytics market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional oil and gas analytics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global oil and gas analytics market. According to the report the global oil and gas analytics market are projected to grow at a CAGR of 20% over the forecast period of 2018-2024.
Oil and gas is a data-driven industry where data form an integral part of the exploration and drilling program, or in using smart metering and supervisory control and data acquisition (SCADA) systems in midstream, the industry heavily depends on IT and data analytics to increase the speed of finding oil, enhance oil recovery, and reduce health, safety, and environmental risks that arise due to equipment failure or operator error. Oil and gas companies exist in a rapidly changing environment. There are many external challenges which an oil and gas company can face such as new methods for extracting energy, alternative forms of energy that can enter the market and create an oversupply, and so on. Moreover, political disturbances too can create shortages. While facing such uncertainty, many companies place emphasis on better asset management and control. Apart from maintaining effective and efficient oil and gas exploration, it is important to have a favorable environment track record and maintain good public and government relations. In addition, gaining government approval for new exploration and production remains top priorities for good business scope. The potential for Big data and analytics lies in accessing the amount of new and untapped data, thereby enabling the use of data across disciplines.
Untapped value of big data in the oil and gas industry is the factor driving the growth of the oil and gas analytics market. In addition, an increase in demand for oil & gas, and advancements in technology to lower the operation and maintenance cost are the factors fuelling the growth of the oil and gas analytics market. Strict government regulation to ensure safety during operation will further complement the industry growth. However, harsh climatic conditions and communication links and price volatility in the oil and gas market is likely to restrain the growth of the oil and gas analytics market. Furthermore, Evolutions of digital oilfields and cloud analytics are anticipated to create immense growth opportunities for the key players in the oil and gas analytics market. The continuous adoption of advanced analytics solutions among energy companies has helped the key production. This is a key factor boosting the uptake of oil and gas analytics.
Among the geographies, North America dominated the oil and gas analytics market.The majority of share is held by the U.S owing to the high process rate of oil and gas exploration and production. North America is also one of the regions where the oil price slump has triumph the hardest and has been a major enabler of analytics implementation. This region is showing a major demand in upstream analytics, due to a rapid increase in exploration and production of unconventional oil and shale gas. As for the Asia Pacific, oil and gas analytics, a rapidly strengthening, the IT industry is gaining necessity from the region’s oil and gas sector.
The report on global oil and gas analytics market covers segments such as services, deployment, and application. On the basis of services, the global oil and gas analytics market are categorized into professional, cloud, integration and big data and predictive analytics. On the basis of deployment the global oil and gas analytics market is categorized into on-premise and hosted. On the basis of application, the global oil and gas analytics market are categorized into upstream, midstream and downstream.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region.
The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global oil and gas analytics market such as Hewlett Packard Enterprise Development LP, SAS Institute Inc., IBM, Microsoft, Cisco Systems, Inc., Capgemini, Teradata, Hitachi, Oracle, Drillinginfo Inc., and Accenture.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global oil and gas analytics market. Moreover, IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of oil and gas analytics market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the oil and gas analytics market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the oil and gas analytics market to understand the present and future trends in this market and formulate their strategies accordingly.
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